ResMed, Invacare report earnings
SAN DIEGO and ELYRIA, Ohio – Recently released earnings from ResMed and Invacare are a mixed bag, with the former posting small gains and the latter stumbling.
ResMed’s $397.8 million in revenues for the third quarter ended March 31 is a 4% increase over the same period last year. Net income was $90 million, a 6% increase.
Revenues in the Americas, however, were flat at $216.1 million for the third quarter this year compared to $215.2 million for the same quarter last year.
For the nine months ended March 31, 2014, ResMed’s revenues were $1.139 billion, a 4% increase over the same period last year. Net income was $275.5 million, a 10% increase.
Meanwhile, Invacare’s consent decree with the U.S. Food and Drug Administration continues to constrain its performance, according to CEO Gerald Blouch.
Net sales for the first quarter ended March 31, 2014, decreased 6.7% to $309.1 million versus $331.4 million for the same period last year. The largest decline in net sales was in the North America/HME segment, where sales fell 15% to $129.1 million versus $151.9 million for the same period last year.
Sales of products manufactured at the Taylor Street facility, where activities have been limited due to the consent decree, fell from $17 million in the first quarter of 2013 to $9.5 million for the first quarter of 2014.
Invacare continues to work with third-party auditors to complete a third and final audit, but it cannot anticipate when the audit will be complete.